Solana outshines other cryptos, as resilient demand lifts altcoins from the depths of this week’s slump

Solana outshines other cryptos, as resilient demand lifts altcoins from the depths of this week’s slump

Solana's sol token hit a record high on Thursday, outperforming other cryptocurrencies, as altcoins bounced back from a slump earlier this week, thanks to retail investors jumping back into the market. The coin hit an all-time high of $216.47 overnight, according to Coinbase. Sol was last at $209.53, up 30% by 06.38 a.m. ET. The coin has rallied by almost 400% over the last month, and has almost doubled in value so far this month. Cryptocurrencies slumped on Monday and Tuesday, just as El Salvador made bitcoin an official currency. Traders took profit on their holdings, which snowballed to the point where many were forced to liquidate their positions as prices fell. Bitcoin and ether lost almost 15% in two days, while the altcoins suffered even deeper losses. Dot and dogecoin fell 20% in that time, but sol actually gained about 18%. "Traders have generally developed a thick skin to mishaps like the latest flash crash we saw. While the confidence of newbies may be tampered with, old traders are used to events like this and their confidence is likely not to be shaken," Petr Kozyakov co-founder and CEO of crypto payments platform Mercuryo told Insider. "It is all a